Turning life experience into midlife opportunity

In a previous blog post, I wrote about how some midlifers feel like their job has lost its spark, which makes them rethink their career options. Quite a few of them are considering blazing their own path forward by launching their own business. In Europe, 45-54-year-olds make up about 30% of new entrepreneurs, whereas in the US, that figure sits around 38%. Have you been thinking about starting a business in midlife? Based on those figures, you should know it’s not just for the young guns.

I was wondering what’s sparking this trend, and did a bit of research of my own. This blog post covers what I found regarding entrepreneurship in midlife.

The perks of midlife entrepreneurship

There are lots of reasons why midlifers are making the jump to entrepreneurship, and more importantly: why they’re succeeding in their venture.

Superpower experience: By midlife, you’ve got a ton of life and work experience under your belt. It’s like having a superpower that younger entrepreneurs don’t yet possess.

Rock-solid networks: Over the years, you’ve built a network of valuable connections. Think of them as your personal Avengers, ready to offer advice, support, and partnerships.

Financial cushion: You’ve probably reached a point of financial stability, meaning you can invest in your business without panicking about the next paycheck.

Clear focus: At this stage, you know what your passions and strengths are, which means your business will be driven by what you truly care about.

Resilience: Life’s thrown you curveballs, and you’ve adapted. That resilience is golden in the unpredictable world of entrepreneurship.

The hurdles

Unfortunately, even superheroes face a few bumps in the road. Here’s what I found you should watch out for in your midlife entrepreneurial journey.

Financial risks: Putting your savings on the line is no small feat. There’s less time to bounce back from losses, so tread carefully.

Tech challenges: The fast-paced tech world might seem intimidating. But with all the low-code and no-code apps and tools available out there, you can handle this.

Energy levels: Running a business is demanding. Balancing this with health concerns or lower energy levels is no joke.

Juggling act: You’ve got responsibilities—aging parents, kids in school. Balancing these with your new venture can be tricky.

Think about risk reduction

Quite a few people thought I was crazy to quit my job and start up Midlife Crossroads Academy without a safety net. Just because I have a, let’s call it ‘spontaneous’, personality, you don’t have to do the same! There are ways to manage the risks while you build your business.

Start small: Launch a modest venture to test the waters without risking it all.

Keep side gigs: Maintain other income streams while your business grows.

Get financial advice: A financial advisor can help you balance risk and reward.

Use grants and loans: Seek out funding opportunities designed for midlife entrepreneurs.

Build a safety net: Have enough savings to cover expenses for six months to a year, so you can focus on your business without constant worry.

Sure, starting a business in midlife has its challenges, but your experience, networks, and financial savvy give you an edge. With the right mindset and strategies, midlife can be the perfect time to start your venture.

I’m very curious to know: What midlife venture did you start? Or what venture are you dreaming about?